Castle Lanterra Pays $77M for Tampa-Area Asset

The developer sold the 339-unit, fully occupied luxury community shortly after completion.
Vue at Belleair
Vue at Belleair. Image courtesy of Cushman & Wakefield

Castle Lanterra Properties has acquired Vue at Belleair, a 339-unit luxury rental asset in Clearwater, Fla. Developer Flournoy Cos. sold the Class A property for $77.3 million, or $227,876 per unit. Pinellas County records show the buyer financed the acquisition with a $50.7 million Fannie Mae loan originated by Newmark Knight Frank, due to mature in 2030.

Situated at 1551 Flournoy Circle W., the Vue at Belleair delivered in 2019 and has one- to three-bedroom floorplans ranging from 537 to 1,295 square feet. Amenities include a rooftop terrace, a saltwater swimming pool and two dog parks, as well as a fitness center and two massage rooms. The community was fully occupied at the time of the sale.

The 5.3-acre property is located in the greater Tampa Bay area, 2 miles south of Clearwater Mall along U.S. Route 19. The community is roughly 5 miles east downtown Clearwater and 6 miles northwest of St. Pete-Clearwater International Airport.

Cushman & Wakefield’s Luis Elorza brokered the sale. Combined with the recent $23 million purchase of an 84-unit, Class A asset in Denver, the transaction brings Castle Lanterra’s nationwide portfolio to 26 properties and more than 7,000 units.